Charity règistration number 267192 {England and Wales)
THE RHODODENDRON TRUST
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2025

THE RHODODENDRON TRUST
LEGALAND ADMINISTRATIVE INFORMATION
Trust99¥
Mrs WAndewn
MsSRay
Ms E 8aldwn
Ms S OINer
Charity number
267192
Rg918torgd offl¢g
6 Bridge Strtret
R￿hM0nd
DL10 4RW
Ind•p•nd•nt •xamln•r
PM+M Solutions for Business LLP
New Century House
Greenbank Technokngy Park
Challenge
Blackbum
Lan¢a$hire
BB150B
8ankerB
National ￿sImin￿le1 Bank plc
28 Bank Streèt
Rawien5ts11
BB4 8TS
Portfollo managers
Raymond James Inveslment Seryices
1 King ￿lliaM Street
London
EC4N 7AF

THE RHODODENDRON TRUST
CONTENTS
Page
TrustÈes' report
Independent examiners report
Statement ol financial activities
Balance sheet
Notes to the financial statements
8-10

THE RHODODENDRON TRUST
TRUSTEES. REPORT
FOR THE YEAR ENDED 5 APRIL 2025
The trustees present Iheir annual report and financial statements for Ihe year ended 5 April 2025.
The financial statements have been prepared in accordance with the accounting policjes set out in note 1 to the
financial statements and compty with the Charities Act 2011 and "Accounting and Reporting by Char￿.e$..
Statement of Reoommended Pradice applicable to tharities preparing Iheir accounts in 8ccord8nce with the
Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021" 18$ 8mended ft)I
accounting periods commencsng from 1 January 20161.
Objectlves and actlvltles
The trust funds are held by the Iruslees on wide discretionary powers for such ch8ritsble purposes as the
tiustees may select. It Is currentty the policy of the trustees that the trust's donations should be divided a$
follows". Ill approximately 50tsk of the donations are made to chaiities whose work is primarily overseas", lill
approximately 400A are lor UK social welfare charilies", liiil approximate￿ 10% are for UK cultural charrties.
The trustees have reviewed the outcomes and Ihe achievements of Ihe actNrties for the year to ensure that they
remain focused on the charitable aims and continue lo deliver beneffts to the publio We have complEd with the
duty under the Charibes Act to h8ve due regard to the public benefit guidance published by the Charity
Commission.
The tru$t¥e$ have pgid due wara to gUIdan￿ l$$u¢a by the Charity Comml$slon in de¢lJlng what a¢tivlli¥$ tho
hOr￿Y should und•rtake.
Achl•vem•nt8 and perfomiance
Del8il$ of th* in¢omo and &xp&nJitufe during Ihtr year and the balanc¢ sheet a15 April 2025 aro s¥1 out on paga$
4and5.
The trust has conbnued to support overseas tharities, UK thartties that promote social welfare at)J UK cultural
charrties.
Flnanclal revlew
Dudng the year. the trust's charitable disln"butions and expenses exceeded Income by £10,69512024 - £4,340).
The trustees have made donations to various charities tolalling £75,LM)O this year12024- £70,500).
During the year. sales of quoted inveslments have ￿alised a loss of £31,822 12024 - Nill and at the year end
there was an unrealised cumulative gain of £1.579.18912024- £1.625.6521.
11 is the policy of the Charity th81 un￿Strided ftjnds which have not been designated for 8 $pe¢ffi¢ use Should be
m8lnt8ined at 8 sirnilar level to the value of fixed a$sel inve$tments. At th¥ ieporting dat& fixed 8$sel investments
were valued at £2,756,94912024 - £2.786,7141.
The trustees consider that reserves at this level wll ensure that suiftcient income is received to enable the charty
to continue it's current activities. This level of reserves has been rnaintsined (hroughou( the year.
The Iruslees anticipate being able lo maintain or modernlety increase the level of donations in the year ahead.
structurè, yovèrnaneè and manay•rnènt
The trust was established for charitable purposes on 26 January 1974 and is ente￿d in the Central Register of
Charities under registration number 267192.
The trustees who 5erveil during the year and up to the dale of signalure of Ihe finanryal 5t8tements were..
Mrs W Anderson
MsSRay
Ms E Baldwn
Ms S OINer
The responsibilty to appoint new trustees is held by the existing trustees.

THE RHODODENDRON TRUST
TRUSTEES. REPORT (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2025
The tiusteès consider that all the major stiategic, business and operational risks lo which the charity is èxposed,
as identffjed by the trustees, have been reviewed and procedures have been put in place to mitigate those risks.
The trust's investment policy is to achieve a balan￿ befv￿n capital groth and rising income, over the medium
to long temi.
Don8tions are made frorn the 8nnual incorne of the trust. after careful consideration by the tnJStees of
application5 rÈceiv8d throughout the y8ar.
The trustees regularty consult with their finanual and stockbroking advisers, Raymond James, before any
changes are made to the investment portfolio.
Grant policy and organi8ation 8tructure
All charitable expenditure is regularty reviewed and approved by the truste&$. The lunds arè fulty commrtted
throughout 2025.
Statemont of truste•$' rnsponslbllW•s
The Iruslees are responsible for preparing the Twslee$' Report and the fin8n¢i81 $18lemenls In ac£ordance with
applicable law 8nd United Kingdom Accounting Standards Iunrted Kingdom Generalty Accepted AceountSng
Prgctl¢81.
The law applicable lo charities in England and Wales requires the Iruslees to prepare financial ststemenls for
each financial year which give a Irue and fair view of the state of affairs of the charity and ol the incoming
resources and application of resources of the charity lor that year.
In prep?￿n9 these finan¢lal slal*ments, the Iw$l&o$ are required lo..
select suitable accounting policies and then appty them conslst8nity;
- observe the methods and principles in the Charities SORP..
make judgements and estimates th8t are re8son8ble and prudent..
stat8 wh8ther applicablè accounting standards hav6 beèn followed. $ubje¢t to any malgri01 ¢J&partur8$
disclosed and explained In the finanual statemenls", and
prepare the financial ststements on the going con￿rn basis unless it is inappropriate to presu￿£ that the
charrty will continue in operation.
The Iruslees are responsible for keeping sufficient accounbng records thal ¢Jisclose with reasonable accuracy al
any lirne the financi81 posf¢K)n ol the chanty and enable Ihem to ensiire th8t the financi81 st8tements comply with
the Charities Act 2011 and the Charrty (Acctsunts and Reports) Regulations 2008. They are also responsible for
safeguarding the assets of the chanty and hence for taking reasonable steps for thè prevention and detectitsn of
fraud and other irregularrties.
The trustees, report was approved by the Board ol Trusiees.
Mrs WAnderson
Trustee
Dated.. 27 January 2026

THE RHODODENDRON TRUST
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF THE RHODODENDRON TRUST
I report to the trustees on my examination of the finanaal slalements of The Rhododendron Trust (the chartyl
lor the year ended S April 2025.
Responsibilities and basis of report
As the trustees of the charity you are responsible for Ihe preparalion of the finanual statements in accordance
wrth the requirements of the Charities Acl 2011.
I report in respect ol my examination of Ihe charity's financial slalements camed out under section 145 ol the
Charities Act 2011. In carrying out my examinabon I have followed the Directions given by the Charty
Commission under section 14515llbl of the CharitiesAcl 2011.
Ind•pèndènt •xamIn•￿S stat•mtnt
Your attention is drawn to the fact that the chanty has prepared Ihe financial statements in accordance with the
relevant version of the Statement of Recommended Practice appluble to charities preparing their financial
$18lemenls in ac¢ordance with Ihe Financial Reporting Sland8rd applioble in the UK and Republic of Irel8nd
IFRS 1021 in prèferencè to IhÈ A¢¢ounting and Reptsrtin9 by Charrties. Slatèmènt of Rècommended Practicè
issu8d on 1 April 2005 which Is referred to in the &xtant règulab.ons but ha$ now beèn wrthdrawn. l undèrst8nd
that this has been done in order for the financial statements to Pfovide a true and lair view in accordance with
UK Generalty Accepted Accounling Practice.
I have completed my examination. I confirm that no matters have come to my attent￿n in rKJnnection wth the
examination giving me cause lo believe that in any material respecl..
accounting records were not kept in ￿spect of Ihe charity as requifed by section 130 of the Charities Act
2011.
the financial $18lemenls do nol 8¢cord with those re￿Id$- or
the financial statements do not compty wlh the applicable requ1￿Ments conceming the fom and content
ol financial statements set oul in the Charilies (Accounts and Reports) Regulations 2008 other than any
requirement that the finanrial statements give a true and fair view. which is not a matter considered as
part ol an independent examinatyon.
I have no ¢on¢ems and hav& come a¢r¢)ss no other matt&rs in ￿nn￿¢tIOn wth the ex8mination lo whi¢h
attention should be drawn In this report in order to enable a proper understanding of Ihe financial statements to
be reached.
Dean Rodgers ACA
PM+M Solulions for Bu8iness LLP
New Century House
Greenbank Technology Park
Challenge W8y
Blackburn
Lancashire
BB1 5QB
Dated.. 27 J8nu8ry 2026

THE RHODODENDRON TRUST
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 5 APRIL 2025
Unre¥tricted Unre¥tri¢ted
funds
funds
2025
2024
Notes
Donations and legacies
Investments
Interest receivable
10.000
78.004
520
6.500
78,998
488
Total Income
88.524
85.986
Charitable activities
75.000
70,500
Governance costs
24.219
19.826
Total resources expended
99,219
90.326
Nel gainslllossesl on investments
178.6301
121,633
N•t mov•m8nt In lund8
189.3251
117,293
Fund balances at 6 April 2024
2,908.968 2,791,675
Fund balanc08 at S Aprtl 202S
2,819.643 2,908,968
The statem8nt ol financial 8ctsvths indudès 8119ain$ and losse$ rewnised In the year. AJI Incoma and
expenditure derive from continuing activities.

THE RHODODENDRON TRUST
BALANCE SHEET
AS AT 5 APRIL 2025
2025
2024
Notes
Flx•d assèts
Investrnenis
11
2.756.949
2.786.714
Curr8nl 385et8
Cash at bank and in hand
126.734
191,254
Creditorn.. amounts falling due within
on¥ year
12
164.0401
(69,0001
Net Current assets
62.694
122,254
Toto1418•t$1•88 ¢urr•nt Ilabllltb•s
2.819.643
2,908.968
Income fund•
Unrestricted funds
2,819,643
2,908,968
2.819,643
2,908.968
The flngn¢io1 statoments were approved by Tw$le&$ on 27 January 2026
Mrs WAnderson
Tru•t••

THE RHODODENDRON TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2025
Accountlng pollcles
Charlty Infomiatlon
The Rhododendron Trust is an unincorporated asso(iation yovemed by a Trust Deed dated 26th January
1974.
1.1 Basls of preparatlon
The financial statemènts havè bÈen prèparèd in aceA)rdancÈ with thè tharity's govèming documènt, thè
Charities Act 2011 and "Accountin9 and Repo￿"n9 by Charities." Statement ol Recommende¢J Practice
applicable to charities prepanng their accounts in accordance with the Financial Reporting Standard
applicable in the UK and Republic ol Ireland IFRS 1021. las amended for accounting periods commencing
from 1 January 20161. The charity is a Public Benefft Entty as deffined by FRS 102.
The charity has taken 8dvantsge of the provisions in the SORP for chanbes apptying FRS 102 UpdaÈ Bulletin
1 not lo prepare 8 Statement of Cash Flows.
The financial stat8ments have dèparted from the Chanlies (Accounts and Reports) Regulations 2008 only to
the extent required to provide a true and lair view. This departure has Involved following the Statement of
Recommended Practice for charrties apptying FRS 102 rather than the version ol the Statement of
Recommended Practice which is relerred to in the Regulations but which has since been wrthdrawn.
The financial slaternenls 8Te prepared in sterling. wthich is Ihe fijnctional currency of the charity. Monetary
amounts in these finanri81 slalemenls are rounded to Ihe nearest £.
Th¥ Ilnan¢ial slal&menls have been p￿pa￿ under the historical Cost ¢onv¢ntion, modified to in¢ludo ¢&rt8in
flnan¢i81 instrument$ 81 lair valu&. The prinopal a¢¢ounting poli¢ie$ adopted are Set out below.
1.2 Golng con¢•rn
At the lime of approving the finan¢i81 statements. Ihe trustees have a reasonable expe¢¢alion that thts charrty
has 8dequ81e resources lo continue in operatsonal exi$l&nce for lh& forestreable fvlure. Thus the Irwlees
continue to adopt the going concem basis ol accounting in preparing the finanaal statements.
1.3 Choriioble funds
Unrestricted funds a￿ available for use at the discretion of the trustees in furtherance of their charitable
objectives.
1.4 Income
Incorne is recognised when the charity is legalty entided lo il after any performance conditions have been mel,
th& arnounl$ can btr measured reliabty, and it is probable Ihal income wll be received.
Cash donations are recognised on receipt. Olher donaiions are recognised once the charity has been notified
of the donation. unless performance condilions require delerral of the amount. Income tax recoverable in
relation to donations received under Grft Aid or dee(Js of covenant is iecognised at Ihe time of the donation.
Dwidends are onty acryjunted for when received. Interest receivable is accounted for on a receipts basis.
1.5 Expendlture
Donations are accourrted for vthen approved ftTrr payrnent by the Truslee5. Expenditure T5 accounted for on an
cruals basi5 and is clas5ffied under headings that aggiegate all costs related thereto. Ch81itable
expenditure comprises V)ose costs incurred by the chanty in the delrvery of rts activth.es and senrices for its
benefiaaries. It indudes both costs that can be allocated ¢JIreCt￿ to such activities and those costs of an
indirect nature Th￿ssary to support them. Govemance costs comprise investment management,
accountancy and professional fees.

THE RHODODENDRON TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2025
Accounting policies
IContinue(11
1.6 Flx•d assèt Invèstmènts
Fixed asset investments are initialty measured at transaction price exduding transaction costs. and are
subsequentty measured 81 fair value at each reporbng date. Ch8nges in tsii value are recogni5ed in nel
incornellexp8nditurel for the year. Transaclion ¢x>sts are expensed as incurred.
1.7 Cash and cash equivalents
Cash and cash equivalents indude cash in hand, deposrts held at call with banks, other short-tem liquid
investments with original matunt*s ol three nv)nthg 01 less. and bank o¥eidiafts. Bank overdrafts are shown
within borrowings in current liabilities.
Basic financial ass•ts
Basic finanoal assets, which indude debtors and cash and bank balances, are initially measured at
transaction price including Iransaclion costs and are subsequentty carried al amortised cost using the effective
interest method unless the arrangement conslrtutes a financing Iransaclion. where the transaction is
measured at the present value ol the future receipts discounted at a market rate of interest. Financial assets
classified as ￿ceNable within one year are not amortised.
84¥$1c fln8ncl•l 118bllltle¥
Basic financial liabilities. including creditors are initialty recognised at tr8ns8Ction price unless the
arrangernenl constitutes a financing transaction. where Ihe debt instrurnent is measured al the present value
of the future paymenls discounted at a market rate of inte￿st. Finanaal liabilities classrfied as payable within
one year are nol amorb'sed.
Debt In$lrumenls are Subseouenlty Carried al amortised ¢osl, using lh& &ff&¢ti¥& inl$resl ral¥ method.
D•r•eognltlon of fln•ncl•l Il•bllld•s
Financial liabilities are derecognised when the ¢harity's C4Mtr#¢￿8I obligations expire or are dis¢h8rgèd or
¢8ncelled.
Incom• from donatlon8 and l•gael•8
Unrnst￿¢ted
fund¥
2025
Unrèstrfcte
funds
2024
Donations and grfts
10.000
6,500

THE RHODODENDRON TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2025
Investh)ents
Unrestrlcted Unrestrlcted
funds
funds
2025
2024
Incomè from UK invè$tmènt$
Gr055 interest from UK companies and govemment stocks
Net overseas dividends
41.198
2,940
33,866
50,319
4,470
24,209
78,004
78,998
Int¢r•$t r•¢•lvobl•
Unre•trlctèd Unrè8trleta
fund¥
funds
2025
2024
Bank interest re￿1Ve￿
520
488
Charltabl8 actlvltles
2025
2024
Donations
75,000
70,500
Tru8t••8
None of the trustees lor any persons connected wilh them) received any remuneration or beneffts from the
charity dursng the year.
Employees
The average monthty number of emt4oyee3 during the year was..
2025
Numbèr
2024
Number
Total
Th8fe W81e no employÈ8s whos8 annual r8mun8ration was more than £60,000.

THE RHODODENDRON TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2025
Governance costs
Unrestrlcted Unrestrlcted
funds
funds
2025
2024
Independent examiner f
Accountancy fee5
Stockbroker fees
other expenditure
6.142
5,290
12,537
250
5,242
2,450
12,134
24,219
19,826
Net g4ln$1llo$$￿I on In¥•$tm*nt•
Unr••trlctèd Unrè8trlet8d
fundj
fund8
2025
2024
Revaluation of investments
Gainlllossl on sale of investments
146,8081
131,8221
121,633
178,6301
121,833
10 Taxatlon
The charty is exempt from taxalion on its actNrties because all rts income Is 8pplied for charitable purposes.
11 Flxed asset Invostments
Ll•t8
Inv•stm•nts
Cost or valuatlon
At 6 April 2024
Additions
Valuation changes
Disposals
2,786,714
178,8S2
146,8081
1161,8091
At 5 April 2025
2,756,949
CaTryin9 amount
At 05 April 2025
2,756,949
At 05 April 2024
2.786,714

THE RHODODENDRON TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2025
12 Credltors: amounts falllng due wlthln one year
2025
2024
Other credf(ors
69,000
13 Unrestrlcted funds
The un￿$t￿cted fund5 ofthe charity comprise the unexpended balances of donations and grants which are
not subject to sperific condrtions by donors and grantors as to how Ihey may be used. These include
designated funds which have been set aside out of unrestricted lunds by Ihe trustees for specific purposes.
At 6 Ap￿1
2024
Ineomlng
r•soure•s
Rè8oure•8
expended
Galn• and
10•8•8
At 5 Aprll
2025
Gen&ral funds
2.908.968
88.524
199.2191
178,6301
2,819.643
Prevlou• year:
At 6 Aprll
2023
Incomlng
r￿Qu￿￿¥
R￿oUrC
expended
Galns and
los¥e8
At S Aprll
2024
Gen&r81 lund$
2.791,675
5,986
190,3261
121,633
2,908,968
14 Analys1¥ of net a••ets belv•Yen funds
Unr••trlct•d Unrestricted
lunds
funds
2025
2024
Fund b818neè$ al 5 April 2025 are repre￿nted by".
Investments
Current assetsllliabilrtiesl
2,756,949
62,694
2.786,714
122,254
2,819,643
2,908,%8
15 Related party transactlons
There were no disdosable relaled pawty trnnsactkjns during the year12024- none).
10